Watch out for fees

With more than $1.5 million in retirement savings, Raymond Ingram knows how quickly fees can add up.

In order to keep his costs down, he sticks to index funds, which charge fees of less than .05%.

As he has for more than a decade, Ingram will make his maximum allowed 401(k) contribution this year. At $17,500, that represents nearly 20% of his $96,000 base salary, though he also earns commissions. On that amount, he will pay less than $10 in fees, compared to the $175 he would have paid if he invested in funds that charged a 1% fee.